Singapore will regulate ICO

Monetary Authority of Singapore released guidelines stating that initial coin offerings may be regulated and tokens may be considered securities
15 November 2017   1266

On November 14, Monetary Authority of Singapore, whose mission is to promote sustained non-inflationary economic growth, released guidelines concerning digital token offerings. The guidelines also presented several case studies concerning cryptocurrencies and initial coin offerings.

As it was stated in the guide, tokens sold through the ICOs based on blockchain may be considered as securities under certain conditions based on the provisions of the country’s Securities and Futures Act and the Financial Advisers Act. Maintaining digital tokens may also be regulated by Monetary Authority of Singapore if the digital tokens are capital markets products under the SFA. As it is claimed, capital markets products include any securities, futures contracts and contracts or arrangements for purposes of leveraged foreign exchange trading.

Digital tokens that perform functions which may not be within MAS' regulatory purview may nonetheless be subject to other legislation for combating money laundering and terrorism financing.

A Guide To Digital Token Offerings

Previously, an official representing Monetary Authority of Singapore, which serves as the central bank and financial regulator of Singapore, used to claim that MAS had no plans of regulating cryptocurrencies.

SEC to oblige AriseBank to Pay $2.7M

In November, FBI agents arrested project's founder Jared Rice
13 December 2018   87

The US Securities and Exchange Commission (SEC) ordered the founders of the AriseBank cryptocurrency project, Jared Rice and Stanley Ford, to pay about $ 2.7 million as part of the settlement of fraud charges. It is reported by CoinDesk.

The founders of the project accused of fraud must pay about $ 2.3 million to return the illegally obtained profits, and $ 68,423 as compensation for the percentage of the pre-trial costs. Jared Rice and Stanley Ford are also required to pay $ 187,767 each as a fine.

In addition, they agreed to a lifelong suspension from management positions in public companies and from participation in the distribution of securities. Jared Rice and Stanley Ford did not reject their guilt, but did not agree with the accusation.

In January the SEC, through a court, obtained the suspension of the ICO project AriseBank. In November, FBI agents arrested Jared Rice. He is accused of frauds with unregistered securities and fraud using electronic means of communication.